Mar 3

Stock market gains 197 points as activity seen in energy sector

KARACHI: The stock market gained 197 points on Wednesday owing to fresh flows from investors into energy chain on back of release of funds from the government. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 46,160 points as against previous day’s close of 45,964 points showing an increase of 197 points. Analysts […]

by Mrs. Anjum Shahnawaz

Rupee appreciates by 72 paisas against dollar

Mar 3

Money & Banking

Rupee appreciates by 72 paisas against dollar

The Pakistani Rupee demonstrated resilience, gaining 72 paisas against the US Dollar on Wednesday. The surge is attributed to the sustained growth in export receipts witnessed throughout the current fiscal year.

by Mrs. Anjum Shahnawaz

FBR starts harmonizing Inland Revenue codes to simplify tax laws

Mar 3

Taxation

FBR starts harmonizing Inland Revenue codes to simplify tax laws

ISLAMABAD: Federal Board of Revenue (FBR) has started harmonizing Inland Revenue codes in order to simplify and consolidate the tax laws, sources said on Wednesday. The harmonization of IR codes has been started under World Bank funded ‘Pakistan Raises Revenue Project’. The FBR said that it had received financing from the World Bank towards the […]

by Mrs. Anjum Shahnawaz

E-intermediary defined by Income Tax Rules

Mar 3

Definitions

E-intermediary defined by Income Tax Rules

E-intermediary is explained as a person or a firm appointed on behalf of another person or a firm to get the job done. The Income Tax Rules, 2002 updated up to September 08, 2020 issued by the Federal Board of Revenue (FBR) explained “e-intermediary” as a person registered as,- (i) Chartered Accountant with the Institute […]

by Mrs. Anjum Shahnawaz

Taxpayers may get active status after surcharge payment: FBR

Mar 2

Taxation

Taxpayers may get active status after surcharge payment: FBR

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday advised late filers to pay surcharge to appear on the Active Taxpayers List (ATL) for tax year 2020. The FBR a day earlier issued the ATL for tax year 2020. The total number of active taxpayers for the tax year 2020 is 2.18 million. However, according to […]

by Mrs. Anjum Shahnawaz

Pre-arrival customs clearance rolled out to five airlines

Mar 2

Pakistan Customs

Pre-arrival customs clearance rolled out to five airlines

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday said that it has extended the pre-arrival custom clearance facility to five airlines. A FBR spokesman on a pilot project on customs clearance in the Sky that was started with Qatar Airways has now been rolled out to five other airlines. Urgent shipments on Turkish Airlines, Fly […]

by Mrs. Anjum Shahnawaz

I&I IR to gather information of suspicious financial transactions

Mar 2

Taxation

I&I IR to gather information of suspicious financial transactions

ISLAMABAD: The Directorate General of Intelligence and Investigation (I&I) of Inland Revenue has been empowered to gather information about suspicious financial transactions, including investment and expenses. The Federal Board of Revenue (FBR) on Tuesday issued SRO 272(I)/2021 to authorized the directorate for making various activities to identify income tax evasion. The functions of the Directorate-General […]

by Mrs. Anjum Shahnawaz

Trade deficit widens to $17.3bn in July – February

Mar 2

Finance

Trade deficit widens to $17.3bn in July – February

ISLAMABAD: Pakistan’s trade deficit widened by 9 percent or $17.3 billion during first eight months (July – February) 2020/2021 of the current fiscal due to surge in import bill for the period, according to provisional data released by the ministry of commerce. The trade deficit widened to 17.3 billion during first eight months of the […]

by Mrs. Anjum Shahnawaz

Mar 2

IT & Telecom

Huawei Middle East chief visits PTA

ISLAMABAD: President (Middle East Region) of Huawei Technologies, Charles Yang, visited Pakistan Telecommunication Authority (PTA) Headquarters in Islamabad, a statement said on Tuesday. The President was along with Mark Meng, CEO of Huawei Technologies Pakistan and Deputy CEO Ahmed Bilal Masud. The delegation met Chairman PTA Major General (Retd) Amir Azeem Bajwa and discussed matters […]

by Mrs. Anjum Shahnawaz

Stock market rebounds with 370 points gain

Mar 2

Stock & Commodity

Stock market rebounds with 370 points gain

KARACHI: The stock market rebounded with 370 points on Tuesday after facing fall during past sessions. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,964 points as against last day’s closing of 45,593 points, showing an increase of 370 points. Analysts at Arif Habib Limited said that the market bounced back today […]

by Mrs. Anjum Shahnawaz